It's basic economics guys, the rate is dictated by the market. It will always find it's level where it is both low enough for traders and high enough for lenders. That level will constantly be shifting.
Maybe you're right, but maybe not. I half suspect that one or more traders put up swap offers at very low rates and then take their own offers. That rate is then used in the calculation of the FRR, causing it to go down. The FRR is then undercut by other lenders, which lowers it even more.
I don't understand why traders are whining so much about the rates. Last month it was around 0.3% and even that is ridiculously low compared to what some traders are raking in. 30% per year is really low when there's a risk that Bitfinex unexpectedly goes under or runs off with everything.
Also, because there are so many lenders using the FRR, it acts as a gigantic wall in the lending orderbook. Everything below the wall will be taken, everything above it won't (at least when there's close to a million $ in the FRR as happens a lot lately). This, once again, lowers the FRR continuously. The more people use it, the worse it gets. And the number of people using it is getting out of hand. I understand that traders love this situation but if you look at it from a neutral standpoint it's a really weird, abnormal situation.